Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • JoJoC
    • By JoJoC 26th Jan 17, 12:20 PM
    • 1,800Posts
    • 6,601Thanks
    JoJoC
    Getting my shhh together
    • #1
    • 26th Jan 17, 12:20 PM
    Getting my shhh together 26th Jan 17 at 12:20 PM
    It's January 2017 and I want to make a stand against myself.

    I will let me sabotage myself no more and I will take control and make my finances better!

    Where to begin? Good question! Since my husband and I bought our first house together in 2009, we have bad financial decision after bad financial decision. Not through stupidity, but a combination of naivety, laziness and lack of foresight. We are very impulsive people and it's quite tricky to rein that in when it comes to finances but we've had endless talks over the last few months and 2017 is the year that we sort our sh!t out!

    A combination of astronomical childcare costs, unpaid maternity leave, paying the mortgage for our flat when it isn't let (second property) and a few other things has meant that the last 2.5 years have been really tight and we have built up some debt that I really want to reduce. I'll declare it below!

    Credit card 1: 6,000 (on 0% interest)
    Credit card 2: 3,800 (not yet on 0% interest)
    Overdraft: 600
    Owe to MIL: 120
    Owe to uncle: 700

    I CAN tackle this in 2017 because:

    - My eldest son is starting school in August, meaning i'll be saving on nursery fees
    - I have just started a new job and my earnings will increase by around 200 per month
    - My husband is busy with additional work in the form of 'homers' over the next couple of months

    Hurdles/ challenges/ costly things happening:
    - My sister's wedding in September
    - My sister's hen weekend in September
    - It's my mother in law's 60th and we are going away for a few nights to a cottage to celebrate
    - Husband is going on my brother-in-law's stag weekend to Prague
    - We need to save for spending money as my company is paying for myself and husband to go to Thailand for a week for work.

    As you can see, the opportunities to save, to rein in what we are spending and to pay off debts are there, but it's such a busy year of commitments so I know it's going to be hard going.

    How am I going to achieve this?

    Change the setup of our banking
    It's currently one big bank account for all income, bills and spending but that's not working for us at all, particularly because we have massive outgoings so I want to switch to having a bills account, a spending account and a savings account.

    Spend time weekly on budgeting
    I have set up a comprehensive spreadsheet detailing when money comes in, when it goes out, when money is transferred to savings and when money is transferred to spending accounts. I want to ensure that this is kept on target and we aren't left short so I want to spend time every Sunday night when my husband is at football going through our finances and the spreadsheet to make sure everything is running smoothly and tackle any adjustments that need to be made. I'm paid monthly and my husband is paid weekly so it's a tricky balance.

    Striking the balance
    I need to strike the balance between paying off debt that we have and saving up for the things that we've committed to this year - I know if I focus on debt alone, we'll end up further in debt to cover things. Vigilance is the key and I will need to keep on top of what we can and can't afford to do. Considered choices will work best and looking ahead to see what's coming up will help too. I want to tackle the family debt first, particularly as they are the smallest debts and the ones that I feel bad about the most.

    I appreciate that there's a lot of debt-free diaries on here and this one isn't solely about hammering debt, but I think it's important for me to be accountable and I want to make changes rather than plan then just bury my head in the sand.

    Any encouragement along the way would be appreciated!
    CC1: 4481.14/ 5031.14 (12% paid off, 600) | CC2:3307/ 3807 (14.4% paid off, 550) | Loan: 10,528.20/ 15,792.30((33% paid off, 5,264))

    July debt total: 24,630.44 | New debt total: 18,316.34 | Total debt paid: 6,414.10 (26%)
    *My debt busting and savings diary*
Page 48
    • JoJoC
    • By JoJoC 12th Feb 18, 3:12 PM
    • 1,800 Posts
    • 6,601 Thanks
    JoJoC
    It's all a balancing act , between paying off the debt and living a life. Sounds to me like you have it sorted .

    Glad you had a lovely weekend , i think you enjoyed it.
    Originally posted by Cumbria lass
    Yes - balancing and re-balancing when things get tipped more in favour of spendy stuff!

    We did have a lovely weekend, thanks
    CC1: 4481.14/ 5031.14 (12% paid off, 600) | CC2:3307/ 3807 (14.4% paid off, 550) | Loan: 10,528.20/ 15,792.30((33% paid off, 5,264))

    July debt total: 24,630.44 | New debt total: 18,316.34 | Total debt paid: 6,414.10 (26%)
    *My debt busting and savings diary*
    • kindofagilr
    • By kindofagilr 12th Feb 18, 4:47 PM
    • 6,205 Posts
    • 20,871 Thanks
    kindofagilr
    In August, my son qualifies for 15 hours funding (I know I've talked about this on here before) which means that with the new pricing our bill will go from 818 to 643 on funded months.
    Originally posted by JoJoC
    Are you in england? won't you get 30 hours funding?

    Ignore that, I see you are in scotland, same thing happened with me here lol, they rolled out the 30 hours from sept 2017, and that's the year my DD started reception so we didn't need it lol
    POAMAYC 2018 #87 Paid 1906.53/12,000 ~ 15.88%
    POAMAYC 2017 #87 Paid 10,380.18/10,000 ~ 104%
    POAMAYC 2016 #87 Paid 7454.80/7000 ~ 106%


    Mortgage (Start Date 01/04/09 ~ 30 year term, due to end 01/07/39)
    104,409/85,093.24 (as of 31/03/18) ~ 18.50% Paid

    Christmas Savings 2018: 70 Cash ~ Amazon Vouchers: 0
    Cyprus 2019 Savings: 500/6000 ~ Centre Parcs 2019 Savings: 0/1500

    My Debt Free Diary (Link)
    • JoJoC
    • By JoJoC 12th Feb 18, 5:06 PM
    • 1,800 Posts
    • 6,601 Thanks
    JoJoC
    Yes, we're in Scotland. Frustrating because childcare has been such a killer for us, but then we get free prescriptions and free university education among other benefits so really can't complain too much.

    Depending on when in 2020 they decide to roll out the 30 hours here, we might benefit from something as my son will go to school in August of that year, so even to get 6 months of that would be brilliant.

    Also, because we're at a private nursery, when they say '15 hours' it's actually just a financial deduction of whatever they receive from the council split over 9 months so when you see 30 hours you think that's almost a whole working week, but it's really not!

    Thanks for popping in
    CC1: 4481.14/ 5031.14 (12% paid off, 600) | CC2:3307/ 3807 (14.4% paid off, 550) | Loan: 10,528.20/ 15,792.30((33% paid off, 5,264))

    July debt total: 24,630.44 | New debt total: 18,316.34 | Total debt paid: 6,414.10 (26%)
    *My debt busting and savings diary*
    • JoJoC
    • By JoJoC 12th Feb 18, 5:07 PM
    • 1,800 Posts
    • 6,601 Thanks
    JoJoC
    After moaning about PA being quiet - I got a 50p survey earlier and there was a chance to win bonus cash depending on if you got a set amount of answers correct in a short space of time. Just got an email to say i got a 1.75 bonus

    Balance is now up to 9.17 cleared - almost half way to cashing out!
    CC1: 4481.14/ 5031.14 (12% paid off, 600) | CC2:3307/ 3807 (14.4% paid off, 550) | Loan: 10,528.20/ 15,792.30((33% paid off, 5,264))

    July debt total: 24,630.44 | New debt total: 18,316.34 | Total debt paid: 6,414.10 (26%)
    *My debt busting and savings diary*
    • JoJoC
    • By JoJoC 13th Feb 18, 11:13 AM
    • 1,800 Posts
    • 6,601 Thanks
    JoJoC
    Debt reduction is moving slowly...slowly...slowly...

    50 came out yesterday towards CC2 bringing it below 3,500 (3,457) so we're making progress very, very slowly! Things will ramp up in the second half of this year on the credit cards but I still feel like it's just slooooow. Did i mention that i feel things are slow? Gah.

    We are painfully close to dropping below 20k, though, and this is exciting to me!

    Total balance is 20,019 and when our loan repayment comes out next week, then CC1 payment the following week, we'll be well and truly into the lower half of 19k.

    I think that'll make all the difference to my mindset - i feel like we've been in the 20+ category for so long but i think once you're in the teens, it does feel like you're getting ever closer to getting things paid off.

    No movement at all on surveys this morning - PA, OP and VO are all quiet, quiet, quiet. And slow, slow, slow.

    I think, a la Sesame Street, the word of the day for me should be IMPATIENCE.

    Countdowns
    14 days until pay day
    43 days until holiday
    CC1: 4481.14/ 5031.14 (12% paid off, 600) | CC2:3307/ 3807 (14.4% paid off, 550) | Loan: 10,528.20/ 15,792.30((33% paid off, 5,264))

    July debt total: 24,630.44 | New debt total: 18,316.34 | Total debt paid: 6,414.10 (26%)
    *My debt busting and savings diary*
    • kindofagilr
    • By kindofagilr 13th Feb 18, 11:20 AM
    • 6,205 Posts
    • 20,871 Thanks
    kindofagilr
    Eek that's fab I bet it will feel amazing when it drops below the 20k!!! xx
    POAMAYC 2018 #87 Paid 1906.53/12,000 ~ 15.88%
    POAMAYC 2017 #87 Paid 10,380.18/10,000 ~ 104%
    POAMAYC 2016 #87 Paid 7454.80/7000 ~ 106%


    Mortgage (Start Date 01/04/09 ~ 30 year term, due to end 01/07/39)
    104,409/85,093.24 (as of 31/03/18) ~ 18.50% Paid

    Christmas Savings 2018: 70 Cash ~ Amazon Vouchers: 0
    Cyprus 2019 Savings: 500/6000 ~ Centre Parcs 2019 Savings: 0/1500

    My Debt Free Diary (Link)
    • JoJoC
    • By JoJoC 13th Feb 18, 2:08 PM
    • 1,800 Posts
    • 6,601 Thanks
    JoJoC
    I'm trying not to go mad thinking about it, as I think it'll take away from the excitement when I actually SEE the numbers being sub-20k but it's an exciting milestone so it makes sense that I'm obsessing over it.
    CC1: 4481.14/ 5031.14 (12% paid off, 600) | CC2:3307/ 3807 (14.4% paid off, 550) | Loan: 10,528.20/ 15,792.30((33% paid off, 5,264))

    July debt total: 24,630.44 | New debt total: 18,316.34 | Total debt paid: 6,414.10 (26%)
    *My debt busting and savings diary*
    • JoJoC
    • By JoJoC 13th Feb 18, 2:51 PM
    • 1,800 Posts
    • 6,601 Thanks
    JoJoC
    Nice little 4.50 survey on PA there - once that's cleared, total should be 13.67.

    Getting there...slowly...
    CC1: 4481.14/ 5031.14 (12% paid off, 600) | CC2:3307/ 3807 (14.4% paid off, 550) | Loan: 10,528.20/ 15,792.30((33% paid off, 5,264))

    July debt total: 24,630.44 | New debt total: 18,316.34 | Total debt paid: 6,414.10 (26%)
    *My debt busting and savings diary*
    • monz
    • By monz 13th Feb 18, 3:03 PM
    • 3,191 Posts
    • 10,128 Thanks
    monz
    I keep refreshing and have none xx
    Debt (1/9/14) 6,702.11 Debt free (30/11/2016)
    house deposit 6,720.99/10,000
    car PCP - 308.99/11848.25 (0 overpayment)
    mums July birthday vouchers 0/50, Niece birthday June 50/50
    Holiday spending 300/300, Belfast 370/500 (252 for apart
    ment)
    • fatrab
    • By fatrab 13th Feb 18, 3:12 PM
    • 844 Posts
    • 1,986 Thanks
    fatrab
    It's the long period of coasting in between paydays that kills me. All my DDs and payments come out within a week of payday then you just need to sit there waiting for them to come around again!


    Your debts are coming down which is the important thing
    You can have results or excuses, but not both.
    May's targets - Lose 1 stone - 6lbs off, 25/31 AFDs, 15/18 lunches.
    37 x 2 coins (#32) - Wannabe debt free by Dec 2022
    • JoJoC
    • By JoJoC 13th Feb 18, 3:29 PM
    • 1,800 Posts
    • 6,601 Thanks
    JoJoC
    I keep refreshing and have none xx
    Originally posted by monz
    Frustrating Monz! The one that I just did was fairly generic too (i.e. nothing that I'd imagine you need to qualify to take part in).

    Just got another 3x 15p and 1x10p survey on Onepoll too so up to 38.80 on there. Come on!! I need to cash out on something soon or i'll burst!
    CC1: 4481.14/ 5031.14 (12% paid off, 600) | CC2:3307/ 3807 (14.4% paid off, 550) | Loan: 10,528.20/ 15,792.30((33% paid off, 5,264))

    July debt total: 24,630.44 | New debt total: 18,316.34 | Total debt paid: 6,414.10 (26%)
    *My debt busting and savings diary*
    • JoJoC
    • By JoJoC 13th Feb 18, 3:31 PM
    • 1,800 Posts
    • 6,601 Thanks
    JoJoC
    It's the long period of coasting in between paydays that kills me. All my DDs and payments come out within a week of payday then you just need to sit there waiting for them to come around again!


    Your debts are coming down which is the important thing
    Originally posted by fatrab
    I know what you mean - we have three debts and each come out at different times of the month (12th, 18th and 29th) so it is spread out but we have DDs coming out all through the month so we never know whether we're coming or going. It takes a lot of maintenance because I get paid monthly at the end of the month and my husband gets paid weekly so it takes a lot of keeping on top of to make sure the sheet is balanced.

    You're right about debt coming down being the important thing. I wish I was less impatient!
    CC1: 4481.14/ 5031.14 (12% paid off, 600) | CC2:3307/ 3807 (14.4% paid off, 550) | Loan: 10,528.20/ 15,792.30((33% paid off, 5,264))

    July debt total: 24,630.44 | New debt total: 18,316.34 | Total debt paid: 6,414.10 (26%)
    *My debt busting and savings diary*
    • JoJoC
    • By JoJoC 13th Feb 18, 4:38 PM
    • 1,800 Posts
    • 6,601 Thanks
    JoJoC
    Well, it's like they were listening to me! Just rattled through five PA surveys, including a 3.50 one and several from 80p to 1 so I'm now at...

    9.17 cleared and...
    11.90 pending!

    So as soon as those pending ones are cleared I can cash out

    Thank you PA for getting your finger out and giving me a chance to do some damn surveys!!
    CC1: 4481.14/ 5031.14 (12% paid off, 600) | CC2:3307/ 3807 (14.4% paid off, 550) | Loan: 10,528.20/ 15,792.30((33% paid off, 5,264))

    July debt total: 24,630.44 | New debt total: 18,316.34 | Total debt paid: 6,414.10 (26%)
    *My debt busting and savings diary*
    • Mumoffourkids
    • By Mumoffourkids 13th Feb 18, 5:59 PM
    • 618 Posts
    • 2,969 Thanks
    Mumoffourkids
    I have had hardly anything from PA recently. It's so depressing. I refresh all day long when I can, but still nothing!
    Total debt Dec 2017 23090.83
    Ma7 2018 4621.78 79.98% paid
    Emergency fund 100/600
    Total Savings 1258.62
    • JoJoC
    • By JoJoC 13th Feb 18, 6:37 PM
    • 1,800 Posts
    • 6,601 Thanks
    JoJoC
    As you'll see from all my moaning mumoffour I was exactly the same. It must just come in bursts because I've barely had a peep for weeks.

    Hope it picks up for you soon.
    CC1: 4481.14/ 5031.14 (12% paid off, 600) | CC2:3307/ 3807 (14.4% paid off, 550) | Loan: 10,528.20/ 15,792.30((33% paid off, 5,264))

    July debt total: 24,630.44 | New debt total: 18,316.34 | Total debt paid: 6,414.10 (26%)
    *My debt busting and savings diary*
    • Mumoffourkids
    • By Mumoffourkids 13th Feb 18, 7:27 PM
    • 618 Posts
    • 2,969 Thanks
    Mumoffourkids
    I've just managed to get one but it says my connection speed is too slow! It was a really good one as well!
    Total debt Dec 2017 23090.83
    Ma7 2018 4621.78 79.98% paid
    Emergency fund 100/600
    Total Savings 1258.62
    • redofromstart
    • By redofromstart 13th Feb 18, 8:32 PM
    • 1,686 Posts
    • 10,124 Thanks
    redofromstart
    I keep getting an error message which is rather frustrating.
    • boxofpaws
    • By boxofpaws 13th Feb 18, 10:35 PM
    • 493 Posts
    • 2,128 Thanks
    boxofpaws
    Under 20k! That would be so amazing, I can only dream *sigh*

    I know what you mean about it feeling slow, but it's all going down...
    Debt 03/01/17 = 42000
    Debt today = 27,819.22
    • doingitanyway
    • By doingitanyway 14th Feb 18, 8:19 AM
    • 3,048 Posts
    • 15,106 Thanks
    doingitanyway
    Loving the word of the day reference. Sub 20,000 will indeed feel more manageable. It did for me. Have a good day JoJo
    JANUARY 2016/SECURED DEBT=24,822/March 2018=0 DEBT FREE 23/03/18
    MORTGAGE FREE 25/07/16
    • kindofagilr
    • By kindofagilr 14th Feb 18, 9:16 AM
    • 6,205 Posts
    • 20,871 Thanks
    kindofagilr
    I know what you mean, I would be the same though I think I would constantly be thinking about it dropping down xx
    POAMAYC 2018 #87 Paid 1906.53/12,000 ~ 15.88%
    POAMAYC 2017 #87 Paid 10,380.18/10,000 ~ 104%
    POAMAYC 2016 #87 Paid 7454.80/7000 ~ 106%


    Mortgage (Start Date 01/04/09 ~ 30 year term, due to end 01/07/39)
    104,409/85,093.24 (as of 31/03/18) ~ 18.50% Paid

    Christmas Savings 2018: 70 Cash ~ Amazon Vouchers: 0
    Cyprus 2019 Savings: 500/6000 ~ Centre Parcs 2019 Savings: 0/1500

    My Debt Free Diary (Link)
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

122Posts Today

1,691Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line? https://t.co/kwjvtd75YU

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin